- Adjusted EBITDAre for Q2 was $73 million and adjusted FFO was $0.28 per diluted share.
- Net leverage stood at 3.5x trailing earnings or 4.8x including preferred equity.
- Second quarter RevPAR increased 2.2% year-over-year, with total RevPAR growth of 3.7%.
- Sold Hilton New Orleans St. Charles at a mid-8% cap rate on 2024 earnings and redeployed proceeds into $100 million of share repurchases.
- Strong ancillary spend offset lighter rooms revenue growth, mitigating margin pressure.
- Total liquidity exceeded $600 million, including cash, equivalents, and credit facility capacity.
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- Cash NOI from the managed senior housing portfolio increased to $25.3 million from $24.1 million in the prior quarter.
- Cash rental income from the triple-net portfolio increased by $2.3 million sequentially.
- Liquidity remains strong with approximately $1.2 billion available including cash, revolver, and ATM program.
- Net debt to adjusted EBITDA ratio decreased to 5x as of June 30, 2025, down from 5.19x in Q1 and 5.45x in Q2 2024.
- Normalized AFFO per share for Q2 2025 was $0.38, up from $0.37 in Q1.
- Normalized FFO per share for Q2 2025 was $0.37, up from $0.35 in Q1, representing a 6% improvement year-over-year.
- Normalized FFO totaled $89.2 million and normalized AFFO totaled $91.6 million in Q2 2025.
- Weighted average interest rate on debt decreased from 4.14% to 4.04% following refinancing.
- Average MBS increased to $6.9 billion from just under $6 billion in Q1.
- Book value decreased from $7.94 per share at 3/31 to $7.21 at 6/30.
- Dividends of $0.36 were paid in both quarters.
- Excluding realized and unrealized losses, net income was $0.16 per share, same as Q1.
- Leverage ratio decreased to 7.3 from 7.8 at 3/31.
- Liquidity improved to 54% from 52%.
- Prepayment speeds increased to 10.1% from 7.8% in Q1.
- Reported a loss of $0.29 per share in Q2 compared to income of $0.18 per share in Q1.
- Total return for the quarter was negative 4.66% compared to 2.6% in Q1.
- Average loans grew 2.3% year-over-year to $5.1 billion, led by home equity lines of credit (+17.8%) and commercial loans (+9.2%).
- Capital ratios remained strong with consolidated equity to assets at 10.91% and book value per share up 6.6% to $36.75.
- Net income for Q2 2025 was $15 million, a 19.8% increase over Q2 2024, with year-to-date net income nearly $30 million.
- Net income for Q2 2025 was $15 million, up 19.8% year-over-year, with year-to-date net income nearly $30 million.
- Net interest income increased 10.5% to $41.7 million, driven by margin expansion and loan growth.
- Noninterest expenses decreased by $600,000 year-over-year, with ORE expenses at $522,000 for the quarter.
- Noninterest expenses decreased by $600,000 year-over-year, with ORE expenses controlled at $522,000 for the quarter.
- Noninterest income from wealth management increased 13% to $1.8 million, representing 37.5% of total noninterest income.
- Return on average assets was 0.96% and return on average equity was 8.73% for Q2 2025, both showing double-digit improvement from prior year.
- Return on average assets was 0.96% and return on average equity was 8.73% for Q2 2025, both showing double-digit improvement year-over-year.
- Total deposits increased by $213 million to $5.5 billion, reflecting strong customer confidence.
- Acquisitions totaled just over $230 million in Q2 across 45 properties with an initial cap rate of 7.4% and average lease term over 17 years.
- Annualized base rent increased nearly 7% year-over-year to $894 million at quarter-end.
- Dispositions included 23 properties in Q2 generating over $50 million in proceeds, with year-to-date dispositions at 33 properties raising over $65 million.
- Free cash flow after dividend was approximately $50 million in Q2.
- Lease termination fees totaled $2.2 million, primarily from an auto parts store and a full-service restaurant, both resolved quickly.
- NNN REIT reported core FFO of $0.84 per share and AFFO of $0.85 per share for Q2 2025, each up 1.2% year-over-year.
- NOI margin was 98% for the quarter, with G&A expenses at about 5% of total revenues and NOI, and cash G&A at 3.7% of total revenues.
- The balance sheet remains strong with nearly $1.5 billion in liquidity and an average debt maturity of 11 years.
- Year-to-date acquisitions reached $460 million across 127 properties with similar cap rates and lease terms.
- AMH Development delivered 636 homes in Q2, on track with expectations, while acquisitions remained disciplined with only 5 homes acquired.
- AMH reported net income attributable to common shareholders of $105.6 million or $0.28 per diluted share for Q2 2025.
- Core FFO per share was $0.47, representing 4.9% year-over-year growth; adjusted FFO per share was $0.42, up 6.3% year-over-year.
- Core operating expense growth was 3.6%, leading to Same-Home Core NOI growth of 4.1% for the quarter.
- Net debt to adjusted EBITDA was 5.2x at quarter-end, with $323 million cash on hand and a fully undrawn $1.25 billion revolving credit facility.
- Same-Home average occupied days were 96.3% in Q2 and 96.1% in July, with blended rental rate spreads of 4.3% in Q2 and 3.8% in July.
- Same-Home core revenue growth was 3.9% for the quarter, driven by strong leasing and rate growth with foot traffic up over 5% year-over-year.
- FFO per share diluted as adjusted was $2.33 for 2Q 2025, up 1.3% compared to prior quarter.
- Occupancy at quarter end was 90.8%, down 90 basis points from prior quarter, with year-end 2025 guidance reiterated at 90.9% to 92.5%.
- Other income averaged about $20 million per quarter, consistent with recent history.
- Recognized impairments of real estate of $129.6 million during the quarter related to non-core assets.
- Reiterated full year 2025 FFO per share guidance at $9.26 midpoint.
- Same property NOI was down 5.4% and up 2% on a cash basis for the quarter.
- Strong balance sheet with $4.6 billion liquidity and longest average debt maturity of 12 years among S&P 500 REITs.
- Trailing 12 months G&A cost as a percentage of NOI was 6.3%, the lowest in 10 years, with expected annual savings of approximately $49 million for 2025.
- Venture investments realized $60 million gains in first half 2025, consistent with prior quarters.
Dafinchi